Starting your own small business can be difficult, so you may want to hire a business coach to help you. But sometimes, these business coaches are only interested in helping themselves at your (literal) expense. Read below to learn how to spot these scams.
Scammers like to make you feel confident About your investment. That's why they tout their systems as “tested” and “proven” to make you big bucks quickly.
And that's what the FTC alleges is what business coaching company Lurn did. The FTC sued Mr. Rahn. That wasn't true, as they claimed that those who purchased their program could easily earn six-figure incomes through email marketing, selling e-books, or selling customizable mugs.
So if you or someone you know is looking to start their own business and are considering enrolling in a coaching program, here are a few things to keep in mind.
- Be wary of promises of quick money. No one can guarantee that you will make a lot of money with little risk. Anyone who does so is a fraud.
- Take your time and talk to someone you trust. Scammers will pressure you to get involved right away or risk losing money. Get a second opinion on a business offer or coaching program from someone who has your best interests at heart.
- Read success stories and testimonials with an attitude of skepticism. They may not be true or typical. Glorious success stories can be fake or misleading, and positive reviews online can come from fabricated profiles.
Have you seen a business that you believe is a coaching scam? Tell the FTC: ReportFraud.ftc.gov.
